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Shanghai index regains 3,000 mark in half year
By Feng Jianmin |
October 19, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock stood above 3,000 points for the first time in half a year, led by appliances producers and the technology sector, after China placed energy-saving and higher living standard ahead of GDP growth in its next Five-Year Plan. Steelmakers and property developers dropped.
The benchmark Shanghai Composite Index rose 1.58 percent, or 46.6 points, to close at 3001.85. Turnover dropped to 200 billion yuan (US$30.1 billion) from yesterday's 301 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, was up 2.54 percent to 12,970.2.
Seven industries including energy-saving technology, information technology, high-end equipment manufacturing, clean energy, green material and new energy cars are selected as the strategic new industries in China's 12th Five-Year Plan (2011-2015).
China vowed to increase contribution of these industries to the country's GDP to 8 percent by 2015, and 15 percent by 2020.
Party leaders also pledged to raise the income and spending power of hundreds of millions of farmers and workers to boost domestic consumption.
Shanxi Guoyang New Energy Co led the gainers in the new energy sector by jumping the daily limit of 10 percent to 28.16 yuan. China Erzhong Group Deyang Heavy Equipment Co also surged 10 percent to 15.13 yuan. Guilin Layn Natural Ingredients Co, a pharmaceutical company, advanced 6.39 percent to 33.11 yuan. Tsinghua Tongfang Co, a large computer producer, soared 10 percent to 25.38 yuan.
Appliance producers gained. Feile Acoustics Co jumped by the daily limit of 10 percent to 12.07 yuan. Qingdao Haier Co advanced 3.59 percent to 24.95 yuan. GD Midea Holding Co grew 3.65 percent to 17.32 yuan.
Property developers dropped on news that the state council may approve trial of property tax early next year, reported Oriental Morning Post. China Merchants Property Development Co fell 0.6 percent to 19.92 yuan after it said on Monday evening that its net profit in third quarter dropped 20.5 percent from last year. China Vanke declined 1.4 percent to 9.50 yuan. Poly Real Estate Co retreated 2.9 percent to 15.16 yuan.
Banks went mixed after China Construction Bank and the Bank of China released plan to raise fund through rights issue. Bank of China was unchanged at 3.62 yuan. China Construction Bank edged up 1 percent to 5.29 yuan. Industrial and Commercial Bank of China lost 0.86 percent to 4.63 yuan.
The benchmark Shanghai Composite Index rose 1.58 percent, or 46.6 points, to close at 3001.85. Turnover dropped to 200 billion yuan (US$30.1 billion) from yesterday's 301 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, was up 2.54 percent to 12,970.2.
Seven industries including energy-saving technology, information technology, high-end equipment manufacturing, clean energy, green material and new energy cars are selected as the strategic new industries in China's 12th Five-Year Plan (2011-2015).
China vowed to increase contribution of these industries to the country's GDP to 8 percent by 2015, and 15 percent by 2020.
Party leaders also pledged to raise the income and spending power of hundreds of millions of farmers and workers to boost domestic consumption.
Shanxi Guoyang New Energy Co led the gainers in the new energy sector by jumping the daily limit of 10 percent to 28.16 yuan. China Erzhong Group Deyang Heavy Equipment Co also surged 10 percent to 15.13 yuan. Guilin Layn Natural Ingredients Co, a pharmaceutical company, advanced 6.39 percent to 33.11 yuan. Tsinghua Tongfang Co, a large computer producer, soared 10 percent to 25.38 yuan.
Appliance producers gained. Feile Acoustics Co jumped by the daily limit of 10 percent to 12.07 yuan. Qingdao Haier Co advanced 3.59 percent to 24.95 yuan. GD Midea Holding Co grew 3.65 percent to 17.32 yuan.
Property developers dropped on news that the state council may approve trial of property tax early next year, reported Oriental Morning Post. China Merchants Property Development Co fell 0.6 percent to 19.92 yuan after it said on Monday evening that its net profit in third quarter dropped 20.5 percent from last year. China Vanke declined 1.4 percent to 9.50 yuan. Poly Real Estate Co retreated 2.9 percent to 15.16 yuan.
Banks went mixed after China Construction Bank and the Bank of China released plan to raise fund through rights issue. Bank of China was unchanged at 3.62 yuan. China Construction Bank edged up 1 percent to 5.29 yuan. Industrial and Commercial Bank of China lost 0.86 percent to 4.63 yuan.
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